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18 Terms
The mutiplier equation
mpc + mps + mpt + mpm = mpc + mpw = 1
Value of multiplier
1/mpw = 1/1 - mpc
GDP
household spending + investment + government spending + net exports
nominal GDP
price current x quantity current
real GDP
nominal GDP/(price index/100)
gross national income
GDP + net foreign factor income
GN per capital
GN / population
GDP per capita
GDP / population
purchasing power parity
cost of good x in currency 1/cost of good x in currency 2
index number
100 x nominal GDP/real GDP
unemployment rate
no. actively seeking/total labour force x 100
employment rate
no. in employment/population of working age x 100
labour force participation rate
labour force/total population x 100
gdp per capita
total GDP/country’s population
nominal GDP
price x quantity for each year
real GDP
price x quantity for each year
inactivity rate
inactive people of working age/working age population x 100
AD
.C + I + G + (X-M)
